Lehman Brothers Holdings Inc. (fka LEHMQ)

[DJN]

Overheard: Rescue From the Lehman Shipwreck

http://online.wsj.com/article/SB124683780510598019.html


Another rescue from the Lehman shipwreck. After drifting for months, the $23 million Lehman Brothers Foundation and some of its employees have reached dry land. Not with Barclays, which bought the bankrupt firm's U.S. business, but with Neuberger Berman. The asset-management company was itself acquired from the Lehman wreckage by its executives -- at an attractive price. One good turn deserves another.
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It's hard to see a way out when you are at the bottom of the valley. But things can rebound surprisingly quickly.

Discussing the recent high-yield-bond rally, Martin Fridson, of Fridson Investment Advisors, recalls 1991, when he was standing amid the wreckage of an earlier bust. As a rare optimist at the time, he suggested that junk-bond issuance might one day return to $10 billion. In less than five years, the annual market was six times that level.